New Mexico § 58-1-78 - Unlawful service as officer or director
Full text of New Mexico New Mexico Statutes Annotated § 58-1-78 — Unlawful service as officer or director, with citation guidance and answers to common questions.
§ 58-1-78. Unlawful service as officer or director
It is unlawful for any person to serve as an officer or director of a bank, who: A. is an officer, director or employee of a directly competitive bank in the same
community; B. has been convicted of an offense constituting, in the jurisdiction in which the
judgment was rendered, a violation of the banking laws or a felony, or who has been
found liable, either in a civil or criminal action, for a breach of trust; or C. is indebted to the bank for more than thirty days upon a judgment that has become
final.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 58-1-78
What does New Mexico Statutes Annotated § 58-1-78 cover?
Section 58-1-78 ("Unlawful service as officer or director") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 58-1-78?
A common citation format is "New Mexico Statutes Annotated § 58-1-78" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 58-1-78 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.